Depends on what the user wants. Some people want to buy an overpriced Lexus, some people are fine with a Honda.

For me, it's a case by case situation. Do I get something I find worthwhile? If so, I might buy the CE. And, I do go for quality statues, such as the inFamous 2 Cole statue that probably is the most detailed statue I've ever gotten from a CE.

The extra value of a GOTY edition does come at the cost of having to wait many months before making the purchase. Not that waiting is a bad thing mind you. I do it a lot myself. Online communities though (for online enabled games) tend to be at their peak near a game's launch.

Depends on the person. I only buy limited editions of games I really like or want and I like to collect them. Some of them are usless like the recent COD ones but its all down to how the person likes to spend their money